Osborne Clarke has advised Lloyds TSB Development Capital Limited (LDC) on the £27 million MBO of Davies Chartered Loss Adjusters, one of the UK's largest providers of loss adjusting and associated claims services to the insurance industry.  With an £8.6 million investment, LDC will have a majority stake in the £25 million turnover business.

Established in 1968, Davies employs around 400 people and delivers a comprehensive range of claims and fulfilment services through a network of 33 regional offices.

The business acts as an intermediary between insurers and policy holders in the event of a claim taking place, assessing the scale of the loss and arranging settlement.

Davies' customers include many of the leading Insurers, Brokers and Underwriters operating
in the UK insurance market place.

The Osborne Clarke team was led by head of private equity Greg Leyshon and private equity associate Robert Wood.  The team also included pensions partner Jonathan Hazlett, banking partner Hugh Jones and property partner Andrew Clayton.  The management team was advised by Pitmans.

Richard Stewart and Joanna De Saulles led the deal for LDC.  Commenting on Osborne Clarke's performance, Richard Steward said:

"This was a complicated transaction involving several work streams (acquisition, equity, pensions, employment and property).  Osborne Clarke managed each work stream proactively and also brought the project together as a whole in a very cohesive and efficient way.  I am delighted with the result."

Date: 05 Mar 2008
Key Contact: Mike Gutsell